Year-end tax planning mistakes are costing crypto and traditional investors nearly $1.7 billion annually. The good news? Most penalties are avoidable.

Common slip-ups include:
• Missing reporting deadlines on capital gains
• Failing to document cost basis properly
• Overlooking harvest losses strategy
• Ignoring jurisdiction-specific requirements

Here's the deal: a few hours of planning now can save thousands. Start by reviewing your transaction history across all platforms. Calculate your realized gains and losses accurately. Then, strategically offset gains with losses before year-end cutoff.

Consult a tax professional familiar with digital asset rules—it's not glamorous, but it's your best defense against unnecessary penalties.